Back home: Joe Cole is returning to first club West Ham (Picture: Daily Mail)

West Ham have wrapped up a double deal for Liverpool star Joe Cole and out-of-favour Arsenal striker Marouane Chamakh.

Cole has penned an 18 month deal at Upton Park, and moves on a free transfer after Liverpool allegedly agreed to give him a £3million pay-off to end his £90,000-a-week Anfield contract.

The ex-Chelsea star sealed his return to London after snubbing an offer from QPR and then passing a lengthy medical, with the deal being done in time for Cole to go into the West Ham side set to face Manchester United in the FA Cup this weekend.

On the move: Marouane Chamakh is set to sign for West Ham on-loan (Picture: AP)

The move has been quickly followed-up with a loan deal for Arsenal misfit Chamakh, with talks going on long into Thursday night to try and get the transfer done.

The 29-year-old, who had been in advanced negotiations with Lille yesterday, signs for West Ham until the end of the season, with a view to a permanent deal.

Cole and Chamakh are likely to complete Sam Allardyce’s major business for the window, although the club have also swooped for 18-year-old Waterford striker Sean Maguire, who signs a long-term contract.